Small sample t-distribution hypothesis testing An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of 26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

Small sample t-distribution hypothesis testing An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of 26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015

1st Edition

ISBN:9781680331141

Author:HOUGHTON MIFFLIN HARCOURT

Publisher:HOUGHTON MIFFLIN HARCOURT

Chapter11: Data Analysis And Displays

Section11.3: Shapes Of Distributions

Problem 20E

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Question

Small sample t-distribution hypothesis testing

An insurance company is informed that its mean cost for handling a claim is $58.This is more than the industry average,so cost cutting measures were started that aimed at reducing costs.The insurance company carried out a study six months later to see if their efforts had been successful.They used a sample of 26 claims that had a sample mean of $55 and a sample standard deviation of $10.Use the .01 level of significance. Apply the Neyman Pearson CV test and the p-value test of Fisher to this problem.

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